Here is a sample of their wit and wisdom on a variety of topics:NEWSPAPERS' DWINDLING VALUE

Berkshire owns the Buffalo News and it has a sizable investment in the Washington Post Co. Buffett reiterated Saturday that Berkshire won't be adding to those newspaper investments.

"For most newspapers in the United States, we would not buy them at any price," Buffett said.

He said most newspapers face the possibility of unending losses because the industry has lost its essential nature.

"They were only essential to advertisers as long as they were essential to the reader, and that is changing," Buffett said.

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CREDIT RATING PROBLEMS

Buffett said he doesn't think the conflicts of interest at credit rating agencies caused their problems, or the problems with the complicated collateralized debt obligations that turned out to be worth much less than ratings agencies estimated.

Buffett said Moody's, Standard & Poor's, Fitch Ratings and other credit rating agencies all seemed to buy into the faulty notion that house prices would continue increasing indefinitely and based their ratings models on that.

"They made a major mistake in analyzing the instruments," Buffett said. "But they made a mistake a great many people made."

Berkshire does own 48 million shares of Moody's, comprising a stake of more than 20 percent. But Buffett said he never tried to influence the way Moody's developed its ratings because Berkshire generally doesn't do that.

"When we own stock, we are not there to change them," Buffett said....MORE